Brent crude LCOc1 was down 30 cents, or 0.5%, at $64.29 a barrel at 0731 GMT, after falling 0.3% on Tuesday. U.S. oil CLc1 fell 33 cents, or 0.6%, to $58.05 a barrel, having declined 0.3% the day before. The head of the IEA, Fatih Birol, said he expects the market to be in surplus by a million barrels per day (bpd) in the first half of this year. Libya’s National Oil Corp on Monday declared force majeure on the loading of oil from two major oil fields after the latest development in a long-running military conflict. Unless oil facilities quickly return to operation Libya’s oil output will be reduced from about 1.2 million barrels per day (bpd) to just 72,000 bpd.

Source: GhanaWeb January 22, 2020 07:52 UTC